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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 326810, member: 104606"] [B][SIZE=5]On Factors Influencing the Price of Oil: Biden, Israel, Venezuela[/SIZE][/B] [img]https://i.imgur.com/UWBujHe.jpg[/img] Pushing off the lower boundary of the ascending channel, the price of Brent oil rose by more than 8% amid fears of an escalation of conflict in the Middle East, which should pose a problem both for the US economy, which suffers from high inflation, and for President Biden personally on the eve of the elections. The situation is aggravated by the fact that oil reserves in US strategic storage facilities are near minimums since 2014. That is why: → it can be assumed that the goal of containing the rise in oil prices was one of the motives for Biden’s visit to Israel on Wednesday. It is expected that the price of oil may be affected by Biden's speech from the Oval Office, scheduled for Thursday evening 20:00 ET (or Friday night at 03:00 GMT+3); → the United States has eased sanctions against Venezuela, which has the largest oil reserves in the world. From a technical analysis perspective, a rally from the October lows (B) after a decline from the September highs (A) may confirm that important divergent drivers are battling in the market. [img]https://i.imgur.com/HBFQuL8.jpg[/img] [B]VIEW FULL ANALYSIS VISIT - FXOpen Blog...[/B] [I][B]Disclaimer:[/B] This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.[/I] [/QUOTE]
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